Market Insight
Tony Jordan
27 September 2023

Market Insights 27/09/2023


A bearish session to unwind the gains seen on Monday as the unplanned outages from Norway disappear.

Yesterday saw the TTF Front Month contract settle at €40.32 (from €44.44) and the NBP Front Month contract at 102.23p (from 112.73p).

No unplanned outage this morning and we see a flow level at 237mcm from Norway (223). Russian nominations showing Velke Kapusany at 37.3mcm (37.3) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 95.08% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 4.

This morning we see the Front Month TTF contract at €39, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €39, Front Season €47 (vs €40 and €50)
Curve NBP Front Month 102p, Front Season 122p (vs 113p and 130p)
UK Gas NBP spot 98p (from 109p)
UK Power DA £92 (from £92)

UK power prices show the UK Front Month Baseload contract at £88 (£96) and Front Season at £109 (£115).

In other areas of the market Brent Oil is at $94 ($93) and EUAs are at €83 (€85). Henry Hub is at $2.66 ($2.64) and JKM is at $14.65 ($14.99) with TTF Equiv of $12.51 ($13.79).

Numbers in brackets show the previous reports value.